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NEW DELHI: Bank of Maharashtra is targeting a minimum 50 per cent growth in net profit in the current financial year, a top official of the bank said today.

"We are targeting a minimum 50 per cent growth in net profit (in 2012-13). There will be substantial growth in the profit, we have already reached Rs 306 crore by September 30, 2012," Bank of Maharashtra Chairman and Managing Director Narendra Singh told.

The bank had posted net profit of Rs 430 crore in the previous fiscal ended March 31, 2012.

However, non-performing assets (NPAs) remain a concern for the bank. "We feel our NPAs will not grow. They will be within 2 per cent in this fiscal. It is well under control," Singh said.

Bank's gross NPAs were 2 per cent of loan assets as on September 30, 2012, against 2.15 per cent during the same period a year ago.

He said agriculture and small and medium enterprises are the main sectors that have contributed towards NPAs. Both the sectors have 35 per cent contribution (each) to the NPAs.

"... our bank is skewed towards agriculture. There was drought also in our state. The recovery that should have happened in June and September has not taken place. In the rabi (or winter) crop if it picks up, probably many of these accounts would become performing," bank's Executive Director C V R Rajendran said.

He also said the bank has requested Finance Minister P Chidambaram for an additional capital infusion of about Rs 800 crore this fiscal.

Chidamabaram in a meeting with PSU bank chiefs here last week had said Rs 15,000 crore additional capital would be infused into the banking system in the current fiscal.

Indian Overseas Bank, Central Bank of India and Bank of Maharashtra are the top three banks that need additional capital infusion for enhancing their capital base and increasing lending capacity.

On expansion plans, Singh said the bank would open about 220 branches in the current fiscal.

"We will open 220 branches this year. We have opened 60 branches already. Of these, 100 will be in Maharashtra and 120 outside Maharashtra," he said.

The bank is focussing on Uttar Pradesh, Bihar and Odisha to expand its branch network.

"It is the growth of Uttar Pradesh, Bihar and Odisha. It is almost double the GDP growth of the whole country. So, we have identified these areas as growth areas. Our branch network in Bihar, Uttar Pradesh and eastern part is the main focus in the current year," Rajendran said.